analyst presentation · presentation 1 . 1q16 results 2 . 100 120 140 160 180 200 jan-15 feb-15...
TRANSCRIPT
SRI TRANG AGRO-INDUSTRY PUBLIC COMPANY LIMITED
1Q16
ANALYST
PRESENTATION
1
1Q16 RESULTS
2
100
120
140
160
180
200
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16
RSS
TSR
SIC
OM
Pri
ce
(US
ce
nt
: K
g.)
Cru
de
Oil
Pri
ce
(U
SD
: B
bl.
)
TH
B/U
SD
M
ov
em
en
t
20
40
60
80
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16
31
32
33
34
35
36
37
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16
SICOM – Oil Price - FX 1Q15 2Q15 3Q15 4Q15 1Q16
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*Adjusting for (reversal) allowance of inventory and realised gains /(losses) from hedging activities
(THB million) FY’14 FY’15 %YoY Q1’15 Q4’15 Q1’16 %YoY %QoQ
Revenue 75,530 61,292 ▼19% 14,512 15,467 16,695 ▲15% ▲8% Sale volume
(tons) 1,204,342 1,119,966 ▼7% 268,892 302,962 363,105 ▲35% ▲20%
Avg. selling price
(Baht per ton) 60,583 48,858 ▼19% 48,265 45,117 40,465 ▼16% ▼10%
Gross profit 3,348 3,521 ▲5% 1,040 617 817 ▼21% ▲32% Adj. gross profit* 4,642 4,981 ▲7% 1,077 1,059 749 ▼30% ▼29% EBITDA 2,568 3,008 ▲17% 788 314 174 ▼78% ▼44% Net profit 1,038 1,118 ▲8% 297 (47) (166) ▼156% ▼251%
Adj. GP margin* 6.1% 8.1% ▲200bps 7.4% 6.8% 4.5% ▼290bps ▼230bps
Net profit margin 1.4% 1.8% ▲40bps 2.0% (0.3%) (1.0%) ▼300bps ▼70bps
Financial Highlights
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Revenue by Product (THB million)
1,328 1,321 1,467 1,347 1,461
10,503 11,248 11,726 11,006
12,089
1,147 1,042
1,269 1,316
1,144 1,534 1,467 1,774
1,798 2,001
14,512 15,077 16,236
15,467 16,695
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
RSS TSR Con. Latex Others
+15.0% +7.9%
Revenues & Sale volume
111,016 119,850 120,256 138,715
195,073
123,848 124,812 135,642 140,544
137,952 20,024 17,482 13,137
15,018
17,715
13,843 7,058 9,432
8,464
11,485
161 2 441
222
880
268,892 269,204 278,908 302,962
363,105
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
PRC Asia (Ex PRC) USA Europe Others
+35.0% +19.9%
Sale Volume by Geography (tons)
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Adjusted Gross Profit* Gross Profit
1,077
1,440 1,405
1,059
749
7.4%
9.6% 8.7%
6.8%
4.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Margin % THB mm
-30.5% -29.3%
Gross Profit
1,040
1,294
570 617
817
7.2%
8.6%
3.5% 4.0%
4.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Margin % THB mm
-21.4% +32.4%
*Adjusting for (reversal) allowance of inventory and realised
gains /(losses) from hedging activities
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Net Profit (THB million) EBIT (THB million)
486 525 473
(180) (193)
68 150 243
188 97
554
675 715
8
-96
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
-117.3% -1,253.6%
Share of profits from associates & a Joint Venture
Operating profits
EBIT & Net Profit
297
518
350
-47
-166
2.0%
3.4%
2.2%
-0.3%
-1.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
-400
-200
0
200
400
600
800
1,000
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Net profit Net profit margin %
-155.7% -251.3%
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BUSINESS UPDATES
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Upstream Business - Rubber Plantation
Note: Information as of 31 March 2016
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Under development
14%
Under gestation
85%
Tapping 1%
51,670 rai
8,267 HA
Area for Rubber Plantation
180 300
2,771 3,272
5,460
8,964
13,046
180 480
3,251
6,523
11,983
20,947
33,993
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2016 2017 2018 2019 2020 2021 2022
Mature plantationAccum. mature plantation
Estimated Mature Plantation
(rai)
Midstream Business – NR Processing
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Technically Specified Rubber
Rubber Sheet
Concentrated Latex
Production Capacity (Mil. tons) Capacity Expansion Plan
0.5
0.6 0.8
1.1
1.3 1.3
1.5
1.9
0.7 0.8
1.0
1.3
1.6 1.7
1.9
2.4
0.0
0.3
0.6
0.9
1.2
1.5
1.8
2.1
2.4
Optimum capacityEngineering capacity
• In 2016, a new plant in Loei and
two expansion plant in Buriram and
Ubon RatchThani adding around
209,000 tons (or adding optimum
capacity of 120,000 tons).
• Engineering capacity in 2016
included capacity of Thaitech
Rubber Co., Ltd. of 315,360 tons.
(Optimum capacity = 254,016 tons)
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